The heavy outflow of gold f England during the past few month: principally to the United States, has foreed upon the Bank of England the necessity of raising its oficial discount rate to Oh por cent. AS immediate consequence the London-Now York erosserate, rose sharply from 48.13/16. to. 485.5/8.
Prospects for a further advisibletinfuence of the new Tikely, higher rates for forward than for shot Tmporiers will be affected by the rise In the London discount rales by having to (ake Into account that Fadubitably banks will forced to rale the rate oe interest on inward bills o'r er cent. per annum, in place the current iainimum rate of 6 per ents Exporters are Hikewise vetimg oF the higher" London discounts Shieh larier must obviously form the basis of caleslaton for banks using export paper. The change Tecame visible momentarily and Clearly indicated by. ear rent quatations," Whereas four monthe docu. mentary silk pila on Lyons, drawn D/P terms, could be placed on the DUN ists at 2/73, quotations for 4 months. eats on London, drawn Under bankers L/C, were being quot-2/7578 bxualy the difference reverse but can he accounted for in this instance by the fact that French discount. te based per cent, while: London fil ftneount fs now 83 percent "Japan's Trade with China likely t0 be shown firstly in the tendency on the part of banks to remit their surplus funds to Londo: for deposit there. This in turn wilh wither cause equal £ quotations for realy and forward or, what is more During January Japan's exports Ching. ave. show considerable portion, a fact hich May ort to the finment introduction the enlace isonet tari "he fetlowing are the parielars:
Kxports feo Japan To China damyary 1 Deceraber 1928 Yen 5
Text read from the printed page and cleaned; old type leaves the occasional error.